Novo Nordisk A S income statement

In fiscal 2025, Novo Nordisk A S reported revenue of $46.82bn, up 11.1% on the year before, operating income of $19.34bn (a 41.3% margin) and net income of $15.52bn, or $3.49 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Novo Nordisk A S: income statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	18.3	19.4	22.4	25.1	33.7	42.1	46.8
Cost of revenue	3.0	3.2	3.8	4.0	5.2	6.5	8.9
Gross profit	15.3	16.2	18.6	21.0	28.5	35.7	37.9
Research and development	2.1	2.4	2.8	3.4	4.7	7.0	7.9
General and administrative	0.6	0.6	0.6	0.6	0.7	0.8	0.9
Operating income	7.9	8.3	9.3	10.6	14.9	18.6	19.3
Interest expense	0.0	0.1	0.0	0.1	0.1	0.2	0.6
Income before tax	7.3	8.1	9.4	9.8	15.2	18.5	19.8
Income tax	1.4	1.7	1.8	1.9	3.0	3.8	4.3
Net income	5.8	6.5	7.6	7.9	12.1	14.6	15.5
Diluted EPS	$1.23	$1.38	$1.65	$1.73	$2.70	$3.28	$3.49
Diluted shares (average)	4,757m	4,680m	4,606m	4,545m	4,495m	4,463m	4,448m
EBITDA	—	—	—	11.5	15.9	19.9	21.6

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

Compare with peers

Head to head: BMY vs NVO GSK vs NVO AZN vs NVO

More: Pharmaceuticals stocks compared, Health Care sector, rankings of US companies

Figures from Novo Nordisk A S's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Novo Nordisk A S.